For Buffett, managers are stewards of shareholder capital. The best managers think like owners in making business decisions. - Warren Buffett

Because we are the largest lender in the manufactured homes sector and are also normally lending to lower-and-middle-income families, you might expect us to suffer heavy losses during a housing meltdown. But by sticking to old-fashioned loan policies — meaningful down payments and monthly payments with a sensible relationship to regular income — Clayton has kept losses to acceptable levels. It has done so even though many of our borrowers have had negative equity for some time.

It is madness to risk losing what you need in pursuing what you simply desire.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.